India, Canada ink pacts on critical minerals, uranium ore; eye free trade deal

India and Canada have recently formalized agreements to enhance cooperation in critical minerals and uranium ore, marking a significant step towards strengthening bilateral trade relations. In 2024, the trade between the two nations reached Canadian $13.32 billion in goods and Canadian $19.61 billion in services. These new pacts are expected to facilitate a more robust exchange of resources crucial for technological advancements and energy security. The focus on critical minerals aligns with India's growing demand for sustainable energy solutions and supports Canada's ambitions to become a key supplier in this sector. Additionally, both countries are exploring a comprehensive free trade agreement (FTA) that could further deepen their economic ties. This initiative comes at a time when global supply chains are under scrutiny, and nations are looking to secure reliable sources of essential materials. The agreements signify a mutual recognition of the strategic importance of these resources, as both countries aim to leverage their strengths in the global market. The ongoing collaboration reflects a broader commitment to partnership and economic growth, setting the stage for future developments in trade and investment.